Insulin Pens Market Growing at 8.8% CAGR to Reach $8,286.6 Million by 2027 Fuelled by Pendiq, Emperra GmbH E-Health Technologies, Novo Nordisk, Owen Mumford, Sanofi, Ypsomed, Biocon, Companion Medical, BERLIN CHEMIE, Eli Lilly and Company
And Growing Market in Developing Economies.
The Asia Pacific insulin pens market is expected to grow at the highest rate during the forecast period. The growth is contributed majorly by driving factors such as a significant rise in the prevalence of diabetes across the countries, rise in the government support for diabetes care. In addition, the market players are also supporting diabetes care in the countries through creating awareness and various initiatives.
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Insulin Pens Market Key Company Profiles:
• Novo Nordisk A/S
• Owen Mumford
• Ypsomed AG
• Companion Medical
• BERLIN CHEMIE AG
• Eli Lilly and Company
• Pendiq GmbH
• Emperra GmbH E-Health Technologies
Diabetes is a life-threatening chronic disease with no specialized cure. It is mainly caused by the body’s inability to produce or effectively utilize the hormone insulin. This inability prevents the body from adequately regulating blood glucose levels. There are two types of diabetes, namely diabetes type-I and diabetes type-II also termed as diabetes mellitus. Incidences and the prevalence of diabetes are steadily increasing across the globe. Type 2 diabetes is the most common form of diabetes and has grown alongside cultural and societal changes. In high-income countries, up to 91% of adults with the disease have type 2 diabetes. According to the International Diabetes Federation (IDF), approximately 425 million people were living with diabetes in 2017, and it is expected to reach 629 million by 2045 across the globe. Additionally, according to BMJ Open Diabetes Research & Care, approximately 387 million patients across the globe have diabetes, out of which 5-10% are victims of type-1 diabetes that require regular insulin doses. The rising incidence is thus likely expected to promote the growth of insulin pens market.
The emerging markets in the developing countries are the major factor which is giving a better opportunity for the major players to expand their business. These are becoming a primary reason for the market growth in the forecast period. The developed countries depend on a healthcare model in which healthcare professions treat medical conditions with the help of medications and surgeries.
However, in developing countries, more focus is on holistic and conventional treatment methods in large scale. Significant differences between developed and developing countries are resources like money, infrastructure, skilled workforce, education, and products. Healthcare in developing countries is undergoing rapid changes. The healthcare systems in those countries are facing challenges such as the burden of rising and aging populations, and with it, the delivery of adequate healthcare to the masses. Brazil, Russia, India, China, and South Africa (BRICS) are among the fastest growing economies of the world. Thus, with the increasing healthcare industry and increasing government initiatives, the demand for insulin pens is expected to increase in the developing economies.
Product Type Insights:
The insulin pens market on the basis of product type is segmented in to disposable and reusable. In 2018, the disposable segment held the largest market share of 62.6% of the insulin pens market, by product type. The disposable insulin pens are expected to dominate its market share in 2027 owing to the advantages offered by these type that include ease of use, low cost, less threat of needle-stick infection, and others. The similar segment is also anticipated to witness the fastest growth rate of 9.0% during the forecast period, 2019 to 2027 owing to its rising usage as pre-filled cartridges in the newly launched insulin dosages by leading pharmaceutical manufacturers.
Product launches and expansions were observed as the most adopted strategy in global insulin pens industry. For instance, in April 2016, Emperra GmbH launched a new Bluetooth insulin pen model. The new ESYSTA BT pen is equipped with a Bluetooth interface and transfers the injected insulin doses directly to the patient’s digital blood glucose diary. Thus, the innovative product launch move by the company is likely to boost up the growth of its own and is likely to contribute to the market in the coming future.
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INSULIN PENS MARKET SEGMENTATION
Global Insulin Pens Market - By Product Type
Global Insulin Pens Market - By Application
• Diabetes Type-1
• Diabetes Type-2
Global Insulin Pens Market - By Distribution Channel
• Hospital Pharmacies
• Retail Pharmacies
• North America
• Asia Pacific (APAC)
o South Korea
• Middle East & Africa (MEA)
o Saudi Arabia
o South Africa
• South America (SAM)
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